In the Moody's

California's cities hear the sound of a shoe dropping;

Moody's Investors Service said in a report that the growing fiscal distress in many California cities was putting bondholders at risk.

The service announced that it will undertake a wide-ranging review of municipal finances in the nation's most populous state because of what it sees as a growing threat of insolvency.

Then follows something like, 'You can't get blood out of a turnip'.  Retired prison guards, police, firemen and CHIPpers, be warned.